What Happened to OrigAudio After Shark Tank?
What is OrigAudio?
OrigAudio is a startup that makes environmentally friendly, foldable Bluetooth speakers and headphones. The speakers are aimed for travelers and music aficionados who want to enhance their game.
OrigAudio was founded in 2009 by Mike Szymczak and Jason Lucash. The designers developed a transducer that can convert any item, even plastic cups, into speakers. In 2011, the gadget finished third in Boston University’s ‘Business Plan Competition.’
The OrigAudio Exo, their first product, is a Bluetooth speaker that folds into a book-like form and fits in your bag.
The Exo comes with an RF remote control, and charging the battery takes 5 hours. They’ve spent the previous seven years honing their technique, and their latest offering is dubbed The OrigAudio Miracle.
Who is the originator of OrigAudio?
OrigAudio was formed in 2009 by Mike Szymczak and Jason Lucash. Jason formerly worked as an events manager at Major League Soccer, while Mike previously worked as the Marketing Coordinator at Spanglish Ideas, LLC.
Mr. Szymczak presently serves as the Vice President of Business Development for HPG Brands, while Mr. Lucash serves as the Chief Development Officer for HPG Bran.
OrigAudio, which was inspired by a Chinese take-out box, claims to combine environmentally friendly technologies with high-quality music.
The team is hoping to entice the Sharks with a revolutionary audio technology concept: customizable, environmentally friendly portable speakers and headphones.
Mike and Jason have achieved their aim of creating eco-friendly custom-fit audio devices. The environmentally clean and consumer-friendly technology has the ability to transform the game.
The OrigAudio Exo, the first audio transducer device, is a Bluetooth speaker that folds into a book-like form and can be taken anywhere, even the beach or a lake. The Exo comes with an RF remote control, and charging the battery takes 5 hours.
What Happened to OrigAudio On Shark Tank Pitch?
Lucash and Szymczak choose to present their idea to Sharks in episode 8 of Season 2 of OrigAudio in order to help them build their business through production and distribution.
Lucash and Szymczak entered the Shark Tank seeking $150,000 for a 15% ownership in the company worth $1 million.
They begin their discussion by detailing the problems that music lovers experience when traveling. Speakers are bulky and difficult to carry.
They claim to be redefining the portable audio market. They demonstrate The Rocket, a transducer that can turn any object into a speaker.
It may be quickly transformed into a speaker by placing it on a cup or dustbin. They next demonstrate foldable speakers.
The Sharks are interested in statistics. According to Szymczak, the product has been offered in over 500 retail places as well as online.
The Sharks were impressed until they learn that the product was licensed by a Chinese business and that the actual profit on the $750,000 is $150,000.
Neither man has been compensated. According to Robert Herjavec, if they haven’t taken money for themselves, it doesn’t “count” as profit.
Although the Sharks were enthusiastic about the product, Kevin O’Leary feels it was a very competitive market, and the pair’s relationship with the firm that gave the license was insufficient to support investment. He went out.
Barbara Corcoran was fascinated, but she was perplexed as to how they sell items without presenting them. The couple notifies the Sharks at this point that the OrigAudio has been featured on QVC, which impresses them.
Mark Cuban was curious about the couple’s willingness to take a percentage. He’s hell-bent on eliminating the other Sharks from the game. The other Sharks reply by putting out their own ideas.
Daymond offers $300,000 for complete control of the company. Barbara offers $150,000 in return for 25% ownership of the firm.
Robert Herjavec ups the offer to $150,000 in exchange for a 15% share in the company.
The sharks were gorging themselves. Cuban went out too after being challenged by the other Sharks.
The two take a short pause to talk over the proposals on the table.
When they return, much to the disgust of the other Sharks, they accept Herjavec’s offer. They finally leave the pitch with a deal.
What Happened to OrigAudio After Shark Tank?
The two walked away from the stage with a deal that would take OrigAudio to new heights. Following their appearance on Shark Tank, OrigAudio appeared on a number of talk shows and in magazines.
The product is now performing well in both the retail and internet marketplaces. This is one transaction that played a song powerful enough to pacify even the most savage Shark.
Season 3, Episode 310 included an update piece on the company, touting almost $4 million in sales! The deal with Herjavec was never completed, according to the update. They boosted their income between taping and airing and couldn’t justify selling 15% of the company.
Mike and Jason were named Supplier Entrepreneurs of the Year by the Advertising Specialty Institute in 2017. Hub Promotional Group paid an undisclosed price for the company in 2018. Lucash and Szymczak will continue to serve as OrigAudio’s president and chief operating officer, respectively.
Lucash was also elevated to senior vice president of marketing and product for HUB, while Szymczak was promoted to vice president of business development for HUB.
As of December 2021, they were still in such positions. Hub Promotional Group renamed to HPG in 2020 and has annual sales of more than $190 million.
Weistec Engineering, Element Case, Soundcore, Avanca International, John Hardy USA, Catalyst, Yogibo, and Case Logic are the company’s competitors in the market.
OrigAudio’s Net Worth
During and after the pitch, the firm was valued at $1 million. Since then, the firm has grown in sales, with annual revenue of $190 million and hence the company net worth might have been higher.
How does OrigAudio work?
The OrigAudio consists of an acoustic transducer, which is placed on any object. The object has to be in contact with an electrical circuit to drive the transducer. This allows multiple speakers to be used using one set of speakers.
How much does OrigAudio cost?
It costs $250 bucks and can be bought online at OrigAudio.com or at retailers around the world.
What is OrigAudio made of?
The OrigAudio is made from a combination of high-performance materials. It is also eco-friendly, and it’s built with minimal electronic components.
Is the OrigAudio water-resistant?
The OrigAudio can take hits from rain and snow. It will not withstand immersion in water, however. The company has not yet planned to make any waterproofed versions of its transducer speaker.
What is OrigAudio return policy?
If customers are not satisfied with their purchase, they can return it within 30 days of the order date.
What is OrigAudio shipping policy?
Orders are shipped within 72 hours of being received. Most orders will be delivered in 3 to 7 business days. Customers can check the status of their order using the tracking number that will be provided to them via e-mail.
Who founded OrigAudio?
Mike Lucash and Jason Szymczak founded OrigAudio.
Is OrigAudio safe to use?
Yes, OrigAudio is a safe product. However, it should not be used by people with pacemakers or implanted cardiac defibrillators.
What is the warranty offered by OrigAudio?
The company offers a limited one year warranty on all parts and labor.
Is OrigAudio worth the price?
Yes, the OrigAudio provides a unique eco-friendly solution to improving the audio while keeping the environment clean.
Who are the target audience of OrigAudio?
The audience of this product includes anyone who wants to improve the audio in their everyday activities. The product is especially useful for people who love biking, running and other activities that require hands-free use.
What does the future hold for OrigAudio?
This product has a bright future as it eliminates the need for extra speakers. In the coming years, the OrigAudio will be a preferred method of enhancing audio and saving energy in homes and offices.
How do I make payment to OrigAudio?
Customers can purchase OrigAudio using the online credit card payment system or PayPal.